LOAN OF £1,000,000.
FUNDS FOR GOVERNMENT. SHORT TERM BORROWING; REMARKABLY LOw" INTEREST fBI TELEGRAPH.—OWN COEBESPONDEKT.I NEW PLYMOUTH, Thureday. In the course of his address this evening, the Prime Minister gave a littla ~ additional information concerning a temporary loan that he mentioned recently. He said that the Government had to borrow for a short term at this time of the year, in order to cover expenditure before the land tax and the income tax wer» collected. He had received a cablegram - from a certain British firm, asking if New • Zealand would take £500,000 on short - loan at a certain rate of interest. Hereplied that he would take a million. " The price of that million is confidential," said Mr. Massey, " but I want to tell you that I got it at a rate of in- ' terest that has not been dreamed of for" the past 10 years. I am using the money" for the purpose for which Treasury bills, are usually issued. The transaction is an indication that money is becoming ' cheaper, and is a proof of the confidence that the financial people in England have in this country."
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Bibliographic details
New Zealand Herald, Volume LIX, Issue 18244, 10 November 1922, Page 8
Word Count
187LOAN OF £1,000,000. New Zealand Herald, Volume LIX, Issue 18244, 10 November 1922, Page 8
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